GBPUSD Daily Analysis – May 17, 2018

GBPUSD continued its sideways movement in a trading range between 1.3451 and 1.3617. The sideways movement is likely consolidation for the downtrend from 1.4376 and a breakdown below 1.3451 support could trigger another fall towards 1.3350. On the upside, a breakout of 1.3617 resistance would indicate that the downside movement had completed at 1.3451 already, then the pair would find next resistance level at 1.3680, followed by 1.3900.

GBPUSD 4-hour chart